Premarket Movers Sept 22, 2026: LHSW, DCOY, TOPS

LHSW — Lianhe Sowell International Group Ltd (+121.6%)

Lianhe Sowell International Group (LHSW) is surging +121.6% in premarket trading to $0.96, with volume already at 84.96 million shares — more than 10× its 20-day average of 8.23 million. That's a striking liquidity event for a company with a market cap of just $22.5 million.

Why it's moving: According to Yahoo Finance this morning, Lianhe Sowell has signed a strategic cooperation agreement with a subsidiary of Chery Group Holding Company — one of China's major automakers — to advance intelligent equipment in China's automotive aftermarket. That partnership headline is the clear catalyst igniting the premarket surge.

The timing aligns with LHSW's recent IPO activity: the company filed an F-1/A in late August and completed a 424B4 prospectus filing on September 3, meaning this is a very newly public stock. New IPOs with major corporate partnership announcements can trigger outsized moves because the float is typically thin and price discovery is still happening. LHSW's free float is just 4.5% — meaning the overwhelming majority of shares are locked up or closely held, with the largest disclosed stake sitting at 97.7%. With so few shares available to trade, even modest buying pressure can produce violent price swings in both directions.

On the daily chart through the prior close, the technical picture is challenging: the MA stack is bearish, RSI sits at a depressed 34, and the stock is trading 99.3% below its 52-week high. StockSetups' conviction score is 0/100 and the grade is D. The inverted hammer candlestick pattern visible on the prior-day chart can signal a potential reversal attempt, but confirmation is needed — and given how far LHSW is from any technical strength, this move is almost entirely news- and sentiment-driven. The squeeze score of 14/100 and just 13,196 shares short (0.1 days to cover) means a short squeeze is not a meaningful factor here; pure momentum and the announcement are doing the work. LHSW also appeared on the StockSetups radar when it last surged — see our September 14 movers recap for context.

DCOY — Decoy Therapeutics Inc. (+119.2%)

Decoy Therapeutics (DCOY) is up +119.2% premarket to $5.13 on 33.99 million shares traded — compared to a 20-day average of just 43,385 shares. That's roughly 783× normal volume before the open, an extraordinary surge for a micro-cap healthcare name with a market cap of only $1.5 million.

Why it's moving: Yahoo Finance reports this morning that Decoy Therapeutics is exploring a pan-filovirus program via the FDA Animal Rule pathway and pursuing non-dilutive funding. The FDA Animal Rule is a regulatory pathway that allows drugs targeting serious or life-threatening conditions (like filovirus diseases, which include Ebola and Marburg) to gain approval based on animal studies when human trials are not feasible or ethical. The "non-dilutive funding" angle — meaning grants or government contracts rather than more stock issuances — is particularly attractive to investors in a tiny company, as it signals potential revenue without further crushing the share count.

The short-sale restriction (SSR) is active on DCOY this morning. SSR kicks in automatically when a stock falls 10% or more from the prior close — it restricts short sellers from hitting the bid, which can reduce downward pressure and amplify upside momentum in a spike. With a free float of 99.8% and short interest of only 13,152 shares (0.6 days to cover), this is not a short-squeeze story; it's purely the FDA pathway news driving buyers into an extremely illiquid name. RSI was at a very oversold 28 on the prior close chart, sitting 86.3% below its 52-week high, with a conviction score of 0/100 and a D grade — there was no technical setup heading into this move.

Stocks at DCOY's market cap (under $2 million) are extremely high-risk. A single large order can move the price dramatically, and the same thinness that produces a 119% premarket spike can produce an equally violent reversal once regular-session liquidity arrives. SSR does not prevent the stock from falling — it only restricts one specific short-selling mechanism.

TOPS — TOP Ships Inc. (+93.0%)

TOP Ships (TOPS) is jumping +93.0% premarket to $1.37 on 47.54 million shares — versus a 20-day average of just 157,521 shares, making this a 301× volume surge. The stock is in a sector tagged as Consumer Discretionary (dry bulk/tanker shipping). Market cap stands at $3.9 million.

Why it's moving: Benzinga reported an after-hours rally of 67.13% on the prior session, meaning TOPS had already begun its move overnight — the premarket continuation is building on that. The data also flags a September 21 headline noting that "fresh share issuances cut a key TOP Ships stake," alongside a SCHEDULE 13D/A (an amended ownership disclosure filed with the SEC) and multiple resale prospectus filings (424B3). This is a pattern common in micro-cap shippers: share issuances and dilution events can paradoxically spark trading interest as they reset dynamics around a key holder's position.

TOPS carries a squeeze score of 60/100 — the highest of today's movers and worth explaining. A short squeeze occurs when traders who have bet against a stock (sold it short) are forced to buy shares to close their positions as the price rises, accelerating the move. TOPS has 316,989 shares short and 3.1 days to cover (meaning it would take short sellers 3.1 days of average trading volume to fully exit). That's not an extreme short load, but in a name this thinly traded and with a free float of only 24.7%, even modest short-covering can amplify price swings. The 46% short-volume ratio adds further color — nearly half of recent volume has been short-initiated.

On the prior-day chart, TOPS shows a bearish MA stack, RSI at 42, and ADX of just 11 (indicating weak directional trend). The conviction score is 0/100, grade D. The gap into premarket (+1.4% prior-day gap) was modest; today's premarket spike is almost entirely momentum- and headline-driven. TOPS also has a minor mention on r/pennystocks (rank #74), which can draw retail attention to already-moving names but is rarely a primary catalyst. Stocks with histories of dilutive share issuances require extra caution — the ownership changes flagged in the 13D/A filing could weigh on the stock once regular-session traders fully assess them.

FBGL — FBS Global Ltd (+56.4%)

FBS Global (FBGL) is up +56.4% premarket to $0.61 on 49.34 million shares, against a 20-day average of just 95,744 shares — a 515× volume explosion. Market cap is $5.3 million, and the stock carries a D technical grade with a conviction score of 0/100.

Why it's moving: There are no headlines or catalysts on file for FBGL this morning. No press release, no SEC filing of note beyond routine 6-K foreign-event disclosures from earlier in September. With a free float of 24.7%, a squeeze score of only 5/100, and just 60,690 shares short (0.2 days to cover), a short squeeze is not a credible explanation either. This move appears to be purely momentum- and sympathy-driven — possibly lifted by the broader premarket surge environment (LHSW and TOPS, both with similarly low floats, are also rocketing this morning).

Sympathy moves happen when traders pile into low-float, low-price stocks in the same session as other big runners, hoping to catch a similar wave. They are among the most dangerous trades: there is no fundamental or technical anchor, the catalyst is borrowed, and reversals can be immediate and severe. The prior-day chart shows a bearish MA stack, RSI at 46, and ADX of 13 — no directional conviction. The gap into premarket is essentially flat (0.0% prior-day gap), confirming the premarket spike is not a continuation of any trend. RSI headroom exists, but without a catalyst, technicals alone cannot sustain a 56% move.

For reference on the risks of chasing extended no-catalyst moves, see our guide on the VWAP fade setup, which explains how stocks frequently snap back to VWAP after premarket spikes.

IMCC — IM Cannabis Corp. (+54.4%)

IM Cannabis Corp. (IMCC) is surging +54.4% premarket to $4.71 on 10.74 million shares — nearly 2× its 20-day average of 5.50 million shares. It's the most liquid name in this morning's mover list on a relative basis, though its market cap of just $2.1 million keeps it firmly in micro-cap territory.

Why it's moving: There are no headlines or SEC filings of note for IMCC this morning — the most recent filings are routine 6-K foreign-event disclosures from late August and early September. The catalyst is unclear. With short interest of only 12,539 shares and 0.1 days to cover, a short squeeze is not the driver. The short-sale restriction (SSR) is active, which limits short sellers from aggressively hitting the bid, potentially amplifying upside momentum in the premarket. The 57% short-volume ratio from recent sessions is elevated — meaning recent volume skewed short — which could mean some of that short-side pressure is now being unwound.

IMCC appeared in our September 18 top movers recap and the September 18 premarket recap as well, suggesting this name has been an active trader's stock in recent sessions. Repeated appearances on the mover list without fundamental catalysts can indicate a stock caught in a momentum cycle — where traders chase it day over day — which also means the cycle can end abruptly.

The prior-day chart shows a bearish MA stack and an RSI of 51, with ADX at a strong 45 — indicating a well-established directional trend, though that trend has been bearish. The stock is 95.8% below its 52-week high with a large prior-day downward gap of -26.0%. The tiny conviction score of 4/100 and the D grade reflect how far IMCC is from any constructive technical structure. Without a clear catalyst, this premarket move warrants extra skepticism.

The bottom line

This morning's premarket leaderboard is dominated by micro-cap and small-cap names with extreme volume surges, thin floats, and Grade D technical setups. LHSW has the clearest catalyst (the Chery Group partnership announcement), and DCOY's FDA Animal Rule news is tangible. TOPS carries the most meaningful squeeze score (60/100), though its story is complicated by ongoing share issuances. FBGL and IMCC are moving without identifiable catalysts — the most speculative scenarios of the morning.

A few reminders before the 9:30 AM ET open:

• Premarket prices are not regular-session prices. Volume is thinner, spreads are wider, and moves that look dramatic before the open frequently reverse, fade, or behave very differently once the full market is live.
• Chasing extended gainers is high-risk. A stock up 100%+ before the open has often already priced in the news — and then some.
• Low-float stocks amplify both gains and losses. The same thin float that sends a stock to +120% can take it back down just as fast.
• Patterns and squeeze setups fail. Even when a technical or squeeze thesis looks compelling, the trade can go wrong quickly in names this small and this volatile.

StockSetups scans the full ~12,300-stock US universe every premarket morning to surface these movers — alongside pattern detections, conviction scores, and squeeze signals — so you can do your own research before the bell. For yesterday's premarket recap, see Premarket Movers Sept 21, 2026. This article is educational only and is not financial advice or a recommendation to buy or sell any security. Always manage your risk.